Anchor Brewing Company to be bought by Chobani CEO Hamdi Ulukaya who plans to revive iconic brand

Ten months after San Francisco's iconic Anchor Brewing Company announced it was ceasing operations after 127 years and would liquidate its assets, a buyer has come forward to revive the brand.

Hamdi Ulukaya, the billionaire founder of Chobani yogurt, announced Friday he was acquiring Anchor and all of its assets, including the brewery, other real estate, and intellectual property such as Anchor's steam beer recipes. Ulukaya said in a video published on social media that he plans to reopen the brewery, honor Anchor's history and heritage and keep the company in San Francisco's Potrero Hill neighborhood. 

"San Francisco is at the heart of Anchor Brewing, and Anchor embodies so much of what makes this city great," said Ulukaya in a prepared statement. "I am humbled and excited to be part of this city and its rich community of people, who have a spirit that is special and unique. I have learned so much about Anchor and its role in San Francisco's journey, and I look forward to doing whatever I can to support this amazing story of revitalization."

Anchor is known as America's first craft brewery and began operations in 1896 during the California Gold Rush. The company closed operations in August 2023, citing the impacts of the pandemic, inflation, and a highly competitive market. Following the July announcement of its closure, beer lovers descended on the company's tap room, lining up for a last pour or to purchase cases of beer and merchandise.

ILWU Local 6, which represents workers at Anchor Brewing, released the following statement from Secretary Treasurer Jose Nunez following the announcement of the acquisition:

"We are the union that represents production workers at Anchor Brewing, ILWU Local 6. We are excited to hear the news that Mr. Ulukaya intends to restart production at Anchor plans to bring back as many Anchor workers as possible. Workers at Anchor take immense pride in their work and the product that they create. Through their union, they have also been able to create a positive environment and working relationship where Anchor provided well-paying, stable jobs with good benefits. We are asking to meet with Mr. Ulukaya as soon as possible to discuss bringing Anchor workers back. We will make ourselves available to meet any time."

Patrick Costello, the board chair and president of Anchor SF Cooperative, said he is "optimistic and hopeful" about Ulukaya's acquisition.

"I do appreciate that somebody came in and wants to keep with what the brand was and understands that workers are at the front of it," he said. "At the end of the day, we just want to go back home to our jobs that we know and love."

The company has seen other changes in ownership throughout its history. Years of declining sales and competition with large breweries in the 60s nearly led to its demise until it was purchased by Frederick Louis "Fritz" Maytag III in 1965. Maytag, heir to the Maytag appliance family fortune, revived Anchor's fortunes by altering the steam beer recipe and brewing process, made by fermenting lager yeast at a higher-than-normal temperature.

By the 70s, Anchor began carving out its craft brewing niche during a time when most Americans' beer choices were limited to a handful of major brands. During the 1980s, the demand for Anchor's Steam Beer was increasing across the country and inspired others to jump into the craft brewing business.

In 2010, Maytag sold the company to investment firm The Griffin Group. In 2017, Japan brewing giant Sapporo acquired Anchor for $85 million during a wave of purchases of craft brewers by macrobrewers.